Wednesday, March 2, 2016

The price of bitcoin is $400+ each and enthusiast/traders expects the price to double during halving which makes them wanna buy more to gain. So if you currently have about 10btc, then you're twice richer than that after havling. Anyone with the motivation to look for fortune would go register to some exchange sites like bittrex and poloniex to buy bitcoin. The problem however with buying bitcoin on exchange sites is that the price. If you are like me, buying from an individuals on bitcontalk.org would seem a bit a preferred cheaper way.

Bitcointalk.org is definitely good place to buy bitcoin and start to learn just about anything you wanna know about cryptocurrencies. The forum is definitely rich of information with users actively sharing knowledge freely. But that's just the one side of the coin because the discussion board also have hundreds or maybe even thousands of wolves waiting for their careless prey.

Scammers lurks every corner and if they sees you having good amount of btc trying to make business as a newbie, that's when they strike. They could just send you a message containing a phishing link or simply offer their services if they notice your post and you'd be surprise what a scammer could do just to earn bitcoin these days. They are very tricky that the very cautious individuals in this forum still end up losing bitcoin since they knew once coin is sent, there is no way they can retrieve it.

"You go first and I'll send you the money through paypal." That's what most of them say when they do try to conduct a transaction. If for instance you send some bitcoin to them in exchange for paypal funds, you may never hear from them ever again except for the email sent by PayPal about the disputed funds.

You wouldn't believe a scammer actually convinced his victim to use teamviewer just so he can verify his victim has btc in his wallet before pulling off the scam. Check this thread.

One thing you can do though for you not to get scammed is to use an escrow. Ask who you are dealing with if both of you can agree to a 3rd party escrow. If he backs out, that should be a sign he could turn out to be a scammer. There are reputable users who regularly do escrows for bitcointalk.org users, check out the list of reputable escrows. The escrows will be useless if you transact with someone using PayPal so forget it.

Previous Posts

What is Bitcoin?

Bitcoin is digital money used for secure and instant transfer of value anywhere in the world. It is not controlled or issued by any bank or government - instead it is an open network which is managed by its users. Much in the way email improved communication by making it fast and cheap, bitcoin is an improvement on existing payment methods which were not designed for the internet era.

Is Bitcoin safe?

Bitcoin’s core protocol is viewable by anyone, has been vetted by thousands of security researchers around the world, and has proven to be robust and reliable after immense scrutiny. Using bitcoin is similar to using other private applications on the internet, such as email or online banking. Just like these other web services, you must access your bitcoin with a password in order to ensure only you have access to your money.

Why would I use bitcoin?

Bitcoin allows you to instantly send any amount of money to anyone in the world without needing a bank. It allows you to access your money without needing an ATM or credit card - bitcoin gives you back control over your money. Plus you can pay friends back for dinner, buy your next computer, and donate to charity, all using bitcoin.

Where can I spend bitcoin?

Many large online businesses accept bitcoin, such as Overstock, Expedia, and Dell. Non-profits such as Wikipedia and the United Way also accept bitcoin donations. Look for a bitcoin payment option at many of your favorite websites and you’ll be surprised how many accept bitcoin! You can view a list of merchants here.